PEPE price explodes with 74% weekly gains, traders speculate whether meme coin rally is sustainable
|- PEPE climbed 74% over the week in an explosive price rally.
- The internet frog meme-inspired coin has emerged as one of the best-performing cryptocurrencies amidst regulatory crackdown.
- Gemini exchange hinted at PEPE coin listing early on Thursday, fueling a bullish sentiment among holders.
PEPE, one of the largest meme coins in the crypto ecosystem, yielded upwards of 80% gains for holders over the past seven days. PEPE price advanced nearly 74% since Monday’s opening price of $0.00000093.
PEPE beats meme coins Dogecoin and Shiba Inu with massive gains
PEPE, a meme coin inspired by “Pepe the Frog” meme, surpassed $633 million in market capitalization in an explosive move. The meme coin’s price increased by 74% since June 19. At the time of writing, PEPE is exchanging hands at $0.00000151.
Shiba Inu and Dogecoin yielded modest gains for holders within the same time frame.
PEPE price chart shows that the token witnessed a large rally starting June 20, when Bitcoin rallied closer to the $30,000 level. Catalysts like institutional adoption and giant financial institutions filing for spot Bitcoin ETFs drove Bitcoin price higher. Following in Bitcoin’s footsteps, meme coins like PEPE yielded double-digit gains for holders.
PEPE/USDT one-day price chart
PEPE hit a local peak of $0.00000168 early on Thursday, wiping out all losses incurred by the meme coin since its decline on May 23.
The meme coin is currently trading above its 10-day Exponential Moving Average (EMA) at $0.00000114. The Fibonacci retracement of PEPE decline from the May peak of $0.00000437 to low of $0.00000088 has established key resistance levels for the meme coin.
PEPE faces resistance at 38.2% Fibonacci level at $0.00000222 and the 50% retracement at $0.00000263. It remains to be seen whether PEPE’s gains are sustainable in the long term.
Besides the Bitcoin price rally to $30,000, PEPE’s probable listing on Gemini exchange has acted as a bullish catalyst. The exchange teased PEPE’s listing on its platform in a tweet earlier today.
Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023
Feeling pepish about something coming soon… pic.twitter.com/PEwsTOVT22
— Gemini (@Gemini) June 22, 2023
PEPE’s listing on Gemini would introduce the meme coin to 1.8 million active users of the cryptocurrency exchange.
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